Sol Systems unveiled a plan of deploying over USD$200 million into the solar asset class, to finance at least 150MW of projects. The year has started with a bang for the firm, which is now deploying over USD$100 million in capital to finance over 100MW of commercial-scale and small utility projects in the 200kW to 5MW range.
"Complexities of commercial and small-utility scale solar create an asset class that is unquestionably challenging, which we embrace," noted Yuri Horwitz, CEO of Sol Systems. "Our team has created efficiencies and standardization to deliver an attractive financial product to our institutional and corporate investors, and a portfolio of unique financing products for the solar industry."
The company has spent the last year building its team, expanding by over 75%, to appropriately focus on the commercial-scale market. Sol Systems opened an office in San Francisco in January, has expanded its presence in Pennsylvania and New Jersey, and will expand into New England mid-year. The company has also built out its investor team with the recent hire of Jerry Stalun, formerly of EIG, as a Senior Director of Investments, and Katie Janik, formerly of the Department of Energy, as Senior Director of Asset Management.
In 2014, Sol Systems financed over 85MW of solar energy projects in the commercial and small utility-scale sector. To date, the firm has facilitated financing for 180MW of solar energy assets across the U.S. with projects located on everything from churches, schools, and grocery stores to major retailers and ground-mount utility farms. It also manages 54MW of solar assets through its solar renewable energy credit (SREC) services.